The Central Bank of Kazakhstan intends to expand the country's cryptocurrency reserves with cryptocurrencies collected from criminals

PANews reported on January 30 that according to DL News, the investment subsidiary of the Central Bank of Kazakhstan “NIC” announced that it will use the cryptocurrency collected from criminals by law enforcement agencies, together with foreign currency and gold reserves, to expand the newly established national cryptocurrency reserve fund. The head of the company, Timur Suleimenov, said that $350 million worth of foreign exchange and gold has been allocated to the fund as initial funds. The central bank does not plan to hold cryptocurrencies directly at this stage, but will invest in five selected hedge funds and will invest in cryptocurrency venture capital funds. President Tokayev said at a national meeting of financial regulators that police have shut down 130 illegal cryptocurrency exchanges and seized assets worth more than $5 million, and directed agencies to develop specific proposals to combat cryptocurrency crimes.